SFR exit opportunities
What are the exit opps for working at an institutional SFR investment company? Is it similar to exit opps for any other shop with one asset class? Are the days over of SFR not being CRE? SFR at the institutional scale is pretty much a CRE sector in my opinion.
Are you talking about buying individual homes off mls or full communities? The latter definitely has crossover with underwriting Multifamily but the former is definitely a tougher sell because the underwriting and due diligence is pretty specific to that 1 house.
So, you mean working for the operating company? Like owned or partnering with an institutional capital source? Or like on the SFR team of an institutional capital firm? Those are hugely different.
Either way, your "exit ops" will be a function of what you are actually doing day to day. If you are legit in investment mngt role, then moving other similar roles but for other asset classes should be doable. I mean people jump from all sorts of stuff into all forms of institutional roles. The whole "pigeonholing" concept is very stupid IMHO, something only talked about on WSO, not a real world career issue most of the time.
That said... "housing" is a major asset class... so going from what ever this is into apartments, student housing, homebuilding, or even senior housing, can't be all that crazy. This is so long as you are really working in institutional SFR world, not just some broker/prop mngr who is hired by PE firms buying houses (that is very different).
Redever SB+1(for this and your earlier comment to one of my questions, thanks).
As an example, where does MCH rate across the mentioned SFR investor spectrum?
An article detailing MCH investor source(s): https://www.bloomberg.com/news/articles/2021-06-24/kkr-joins-private-eq…
MCH’s public-facing website: https://www.mycommunity.homes
Did the quick search... MCH is an operating company owned by KKR. Not sure what KKR will do with it, but sell/merge/list public is the general strategy with these (like what Blackstone did with Invitation Homes). So it is squarely in the "op co" spectrum I reference.
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How do they raise money? and from whom? That determines much of what the jobs are (if it is an investment company and not operating company). If a combined deal, like you suggest, then it really all comes down to what job you do.
FWIW.. SFRs have been "institutional" for nearly a decade now, I think it has firmly become an investible asset class in the broader residential space that many institutions target with their core allocations. Lots of people are entering this sector from other asset classes, so interpret what you want on the mobility of people (i.e... is your skillset and career one as an investor, where the property/asset class is the "target"... or is it asset based, where your value is based on knowledge of the asset, and thus you can move from various types of owners that target/own that asset class as it moves). Really, that is the distinction that matters to your question.
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